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Conroy Diamonds & Gold

  • BY: Andrew Hore |
  • POSTED: 04/11/2009 |

Irish gold explorer Conroy Diamonds & Gold has made progress with its exploration but remains short of cash.

Conroy has confirmed a 1m ounce JORC compliant gold resource at Clontibret and there could be much more. It appears that this project will be commercially viable. There may be an even larger gold deposit at Clay Lake, plus a potential zinc resource to the south.

During the year to May 2009, Professor Conroy loaned Conroy €588,000, taking his total loans to the company to €1.93m. He has confirmed that he will continue this support and will not ask for repayment for at least one year. The interest charge is 8.25% a year. 

Conroy has raised €564,000 from share issues since the end of May 2009.

Even so, Conroy will need more cash to develop its assets. It may have to bring in a partner.

At 3.75p a share, down 0.625p on the day, Conroy is valued at £5.94m.

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